credit card offer : shop around
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Credit Card Offer : Shop Around. Greg Bush and James Colpean. Miles by Discover Card. Travel your way. Terms and Conditions: Up to 5% added to APR every time late payment made If account is closed/inactive for 18 months, all travel rewards lost No grace period on balance transfers. - PowerPoint PPT PresentationTRANSCRIPT
Credit Card Offer:Shop Around
Greg Bush and James Colpean
Miles by Discover Card
• Terms and Conditions:– Up to 5% added to APR every time late payment
made– If account is closed/inactive for 18 months, all
travel rewards lost– No grace period on balance transfers
Travel your way
Miles by Discover Card
• Rewards:– 12,000 Bonus Miles (12,000 is the cap)– Double Miles on first $3,000 for travel (2 miles per
$) and 1 mile per dollar past $3000– Unrestricted travel through any airline, travel
agent, or travel website
Miles by Discover Card
• Fees– $10 of 5% on cash advance (whichever amount is
greater)– $35 Return Fee– $35 Late Payment Fee– No Annual Fee
Gold Delta Skymiles
• Terms and Conditions:– If there are additional “cardmembers” sharing
your account, you are responsible for paying their charges
– Limit of $25,000 balance transfer in 180 days. Transfer may take up to 6 weeks.
– Return Protection does not provide refunds for shipping and handling
Extended warrantee on card purchases.
Gold Delta Skymiles
• Rewards:– 30,000 miles if $500 spent in first 3 months; 2
miles every Delta Purchase, 1 mile for all others– First bag checked free for up to 9 people– 20% off in-flight savings (meals, drinks, movies)
Gold Delta Skymiles
• Fees:– $35 Late Fee– $35 Return Payment Fee– $95 Annual Fee (after first year)
Capital One Venture Card
• Terms and Conditions:– Annual income > rent and mortgage payments– Minimum credit line of $5,000– If balance is less than $25, the minimum payment
is the balance amount.
Get your feet there faster with double miles.
Capital One Venture Card
• Rewards:– 10,000 bonus miles if $1,000 spent in first 3
months (no cap and miles don’t expire)– Miles can be redeemed for cash, gift cards, other
purchases, etc.– 2 miles earned on every dollar
Capital One Venture Card
• Fees:– $59 annual fee (after first year)– Cash advance fee of 3% (minimum $10)– Copies of statements: $3.00– $35 Late payment fee– $35 Returned payment fee
Let’s CompareMiles from Discover Gold Delta Skymiles from
American ExpressVenture from Capital One
APR 20.99%$1000 x .2099 = $209.99
19.24%$1000 x .1924 = $192.4
20.9%$1000 x .209 = $209
Late Fee $35 $35 $35
Return PaymentFee
$35 $35 $35
Bonus Cash $0 $0 $0
Annual Fee $0 $95 $59Penalty APR 24.99%
$1000 x .2499 = $249.927.24%$1000 x .2724 = $272.4
29.4%$1000 x .294 = $294
Total APR: $279.99P.APR: $319.90
APR: $357P.APR: $437.40
APR: $338.00P.APR: $423.00
*Note: maximum APR was used in calculations
The Verdict
• Miles by Discover– No annual fee makes it lowest cost card, even with
slightly higher APR– Has lowest Penalty APR– Only card with unrestricted options for travel.